Maximum Pell Grant and Published Prices at Four-Year Institutions over Time

The maximum Pell Grant amount, which is legislated by Congress, has fluctuated over time. The $5,920 maximum Pell Grant in 2017-18 was 44% higher in inflation-adjusted dollars than it was 20 years earlier, but only 5% higher than it was 40 years earlier, in 1977-78.

Figure 21B: Inflation-Adjusted Maximum Pell Grant and Published Prices at Public and Private Nonprofit Four-Year Institutions in 2018 Dollars, 1998-99 to 2018-19

Between 2008-09 and 2018-19, published tuition and fees increased by 3.1% per year at public four-year institutions and by 2.3% per year at private nonprofit institutions, while the maximum Pell Grant increased by 1.2% per year, after adjusting for inflation.